Etymology
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Words related to ambi-

*ambhi- 
also *mbhi-, Proto-Indo-European root meaning "around;" probably derived from *ant-bhi "from both sides," from root *ant- "front, forehead."

It forms all or part of: abaft; about; alley (n.1) "open passage between buildings;" ambagious; ambassador; ambi-; ambidexterity; ambidextrous; ambience; ambient; ambiguous; ambit; ambition; ambitious; amble; ambulance; ambulant; ambulate; ambulation; ambulatory; amphi-; amphibian; Amphictyonic; amphisbaena; Amphiscians; amphitheater; amphora; amputate; amputation; ancillary; andante; anfractuous; be-; begin; beleaguer; between; bivouac; but; by; circumambulate; embassy; ember-days; funambulist; ombudsman; perambulate; perambulation; preamble; somnambulate; somnambulism; umlaut.

It is the hypothetical source of/evidence for its existence is provided by: Sanskrit abhitah "on both sides," abhi "toward, to;" Avestan aibi; Greek amphi "round about;" Latin ambi- "around, round about;" Gaulish ambi-, Old Irish imb- "round about, about;" Old Church Slavonic oba; Lithuanian abu "both;" Old English ymbe, German um "around."
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*ant- 
Proto-Indo-European root meaning "front, forehead," with derivatives meaning "in front of, before; end." Also see *ambhi-.

It forms all or part of: advance; advantage; along; ancestor; ancient (adj.); answer; Antaeus; ante; ante-; ante meridiem; antecede; antecedent; antedate; antediluvian; ante-partum; antepenultimate; anterior; anti-; antic; anticipate; anticipation; antique; antler; avant-garde; elope; end; rampart; un- (2) prefix of reversal; until; vambrace; vamp (n.1) "upper of a shoe or boot;" vanguard.

It is the hypothetical source of/evidence for its existence is provided by: Sanskrit antah "end, border, boundary;" Hittite hanti "opposite;" Greek anta, anten "opposite," anti "over against, opposite, before;" Latin ante (prep., adv.) "before (in place or time), in front of, against;" Old Lithuanian anta "on to;" Gothic anda "along;" Old English and- "against;" German ent- "along, against."
ambidexterity (n.)

"faculty of using both hands with equal facility," 1650s, with -ity + Medieval Latin ambidexter, literally "right-handed on both sides," from ambi- "both, on both sides" (see ambi-) + dexter "right-handed" (from PIE root *deks- "right; south").

ambidextrous (adj.)

also ambidexterous, "able to use both hands equally," 1640s, with -ous + Medieval Latin ambidexter, literally "right-handed on both sides," from ambi- "both, on both sides" (see ambi-) + dexter "right-handed" (from PIE root *deks- "right; south"). An earlier English use of ambidexter (adj.) meant "double-dealer, one who takes both sides in a conflict" (late 14c.).

Its opposite, ambilevous "left-handed on both sides," hence "clumsy" (1640s) is rare. Ambidexter as a noun is attested from 1530s (in the sense "one who takes bribes from both sides") and is the earliest form of the word in English; its sense of "one who uses both hands equally well" appears by 1590s.

ambisexual (adj.)
"unisex" (of clothing), also "bisexual," 1912 in the jargon of psychology, from ambi- + sexual. Ambosexous (1650s) and ambosexual (1935) both were used in the sense "hermaphrodite." Ambisextrous is recorded from 1929 as a humorous coinage based on ambidextrous.
ambivalence (n.)

"simultaneous conflicting feelings," 1924 (by 1912 as ambivalency), from German Ambivalenz, coined 1910 by Swiss psychologist Eugen Bleuler on the model of German Equivalenz "equivalence," etc. (for which see equivalence), from Latin ambi- "both, on both sides" (see ambi-) + valentia "strength," an abstract noun from the present participle of valere "be strong" (from PIE root *wal- "to be strong"). A psychological term that by 1929 had taken on a broader literary and general sense.

ambivert (n.)

"person exhibiting features of an extrovert and an introvert," coined by Kimball Young in "Source Book for Social Psychology" (1927), from ambi- "about, around" + -vert (as in earlier introvert), which is ultimately from Latin vertere "to turn" (see versus). Related: Ambiversion.

Munchkin (n.)

1900, coined by U.S. author L. Frank Baum (1856-1919) in "The Wonderful Wizard of Oz." He never explained how he got the word.

The word most like it is perhaps mutchkin, an old Scottish measure of capacity for liquids, which was used by Scott. (It comes from Middle Dutch mutseken, originally "a little cap," from mutse "cap," earlier almutse "amice, hood, headdress," from Latin amictus "mantle, cloak," noun use of past participle of amicire "to wrap, throw around," a compound from ambi- "around" (see ambi-) + iacere "to throw" (see jet (v.)).

But some Baum scholars see a possible inspiration in Münchner Kindl, the name of the emblem of the city of Munich (German München) or in German Männchen, literally "little man," which is cognate with mannequin.

While she stood looking at the strange and beautiful sights, she noticed coming toward her a group of the queerest people she had ever seen. They were not as big as the grown folk she had always been used to; but neither were they very small. In fact, they seemed about as tall as Dorothy, who was a well-grown child for her age, although they were, so far as looks go, many years older. ["The Wonderful Wizard of Oz"]